Sustainable Brands just released the SB Socio-Cultural Trends Research and finds that younger consumers are increasingly demanding brands and products that are socially and environmentally responsible, which isn’t news around here, but it this research help support what my clients are also seeing: employees want to work for companies that align with their values, and consumers want to support brands that align with their values. Here are some of the finding I find interesting:
- “80% of Gen Z says that they support companies that act sustainably by purchasing their products or services.
- 82% of Gen Z says that all else being equal they would switch brands if a competitor offered a more sustainable version of that product.
- 69% of Gen Z says that when buying products that are new to them, they choose a brand with a sustainable product option rather than defaulting to a familiar brand.
- 72% of Gen Z says that they are willing to pay more for products and services that are ethical and sustainable.
They also want to know what companies are doing, with 86% saying that it’s important for companies to share their sustainability efforts with consumers – more than any other generational group.”
The (triple) bottom line is that your customers care about how your company treats its employees, community, suppliers, and they also care deeply about the environmental impact of your company, and therefore their own purchases. If your company is not measuring and improving its sustainability performance, and not talking about what you are doing in relation to more sustainable operations, products, and packaging in a transparent and credible way, then you are losing market share every single day.
If your company needs help measuring and improving its sustainability performance in a credible way, or if you are a business located in Charleston, I am hosting the Emerger Strategies Sustainability Boot Camp every Friday in September, so please email rcrawford@emergerstrategies.com to schedule a call, or learn more about the Boot Camp!
